Market Structures and Pricing Decisions Applied Problems

Please complete the following two applied problems:

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Problem 1: 

Robert’s New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. Its demand curve for the product is expressed as Q = 5000 – 25P where Q is the number of vacuum cleaners per year and P is in dollars. Cost estimation processes have determined that the firm’s cost function is represented by TC = 1500 + 20Q + 0.02Q2. 

Show all of your calculations and processes. Describe your answer for each question in complete sentences, whenever it is necessary.

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